Bitcoin-Minted Ordinals Surge 40.8% on Binance Listing; Bitcoin Ordinals Mintage Fees Skyrocket 700%
Summary:
BRC-20 tokens called Ordinals recently listed on the Binance cryptocurrency exchange have seen a 40.8% surge in value over the past day, reaching $10.19. Binance has allowed trading of Ordinals against Bitcoin, Tether, and the Turkish Lira. Meanwhile, Bitcoin Ordinals, a unique numbering system for tracking each individual Satoshi, has seen its mintage fees increase by 700% since April. BRC-20 tokens have experienced increased popularity recently, with the total market cap standing at $1.34 billion.
In the last 24 hours, Ordinals, a collection of BRC-20 tokens minted on the Bitcoin blockchain, have seen a considerable hike of 40.8%, reaching $10.19, following their introduction to the cryptocurrency exchange, Binance. Binance, in its declaration made on November 7, informed that traders are now able to deal in Ordinals (ORDI) in exchange for Bitcoin (BTC), Tether (USDT), and the Turkish Lira (TRY). The exchange has assured that the ORDI developers weren't charged any admission fees for their token and that withdrawals will be available from November 8. Early benefits included a $50 USDT trading voucher for the initial 1,000 users who deposited a minimum of 72 ORDI onto the exchange. It is crucial to note that "ORDI is a relatively recently introduced token with higher-than-average risks, prone to significant price fluctuations."
Bitcoin Ordinals is a unique numbering framework that assigns a distinct number to every individual Satoshi, the denomination which represents one hundred millionth of a bitcoin. This enables its easy tracking and transfer. Paired with the inscription process that embeds additional data into each Satoshi, it facilitates the creation of unique digital commodities on the bitcoin blockchain. The ORDI token listed on Binance is independent of the developers of Bitcoin Ordinals.
BRC-20 tokens, a invention of Web3 developer Rodarmor in January, are witnessing a surge in popularity, being celebrated as one of the most significant technological strides in the 15-year-old blockchain. Self-custody wallet service providers such as BitKeep (currently known as Bitget Wallet), have been supporting BRC-20 token deposits and withdrawals since June. The cumulative market capitalization of BRC-20 tokens, at present, amounts to $1.34 billion. Notably, the mintage fees of Bitcoin Ordinals have seen a whopping 700% surge since April.
Published At
11/7/2023 4:53:29 PM
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